TIL Desk/Business/Kathmandu-The US has started implementing a trade preference programme for Nepal under which different types of products that meet eligibility criteria will be imported duty-free from the Himalayan nation. The Nepal Preference Programme is authorised for ten years and designed to help Nepal’s economic recovery from the earthquakes that struck the country in 2015, according to a statement by the US Embassy here.
Trade Facilitation and Trade Enforcement Act of 2015, which was signed by US President Barack Obama yesterday, will provide duty-free treatment for dozens of types of imports from Nepal that meet specific eligibility criteria, including certain types of carpets, headgear, shawls, scarves, and travel goods, the statement said.
“The program grants duty-free tariff benefits for certain Nepali exports not currently eligible for duty-free access to the US’ market. It also authorises a trade capacity building programme, focused on helping Nepal implement the World Trade Organisation’s Trade Facilitation Agreement. “The legislation provides a unique opportunity for Nepali businesses to expand their exports to US markets,” said US Ambassador to Nepal Alaina B Teplitz.
